Granite Ridge Resources, Inc. (GRNT) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Granite Ridge Resources first-quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Granite Ridge Resources 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to James Masters, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁 James Masters。請開始。

Thank you, operator, and good morning, everyone. We appreciate your interest in Granite Ridge Resources. We will begin our call with comments from Tyler Farquharson, our President and Chief Executive Officer, who will review the quarter's results and company strategy. He will then turn the call over to Kyle Kettler, our Chief Financial Officer, to review our financial results in greater detail. Tyler will then return to provide closing comments before we open the call for questions.

謝謝接線員，各位早安。感謝各位對 Granite Ridge Resources 的關注。我們將先由總裁兼執行長 Tyler Farquharson 發表談話，回顧本季業績與公司策略。接著他會把電話交給財務長 Kyle Kettler，更詳細說明財務結果。之後 Tyler 會回來做結語，然後我們將開放提問。

Today's conference call contains certain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ from those expressed or implied. We ask that you review the cautionary statement in our earnings release. Granite Ridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on these statements.

今天的電話會議包含若干預測及其他前瞻性陳述，屬於聯邦證券法所定義之範圍。這些陳述受風險與不確定性影響，可能導致實際結果與明示或暗示者有所差異。我們請各位查閱我們財報新聞稿中的警示性聲明。Granite Ridge 不承擔更新或修訂任何前瞻性陳述之意圖或義務，無論係因新資訊、未來事件或其他原因。因此，請勿對這些陳述過度依賴。

These and other risks are described in our press release and our filings with the Securities and Exchange Commission. This call also includes references to certain non-GAAP financial measures. Information reconciling these measures to the most directly comparable GAAP measures is available in our earnings release on our website. Finally, this call is being recorded, and a replay and transcript will be available on our website following today's call.

上述及其他風險已載於我們的新聞稿以及向美國證券交易委員會（SEC）提交的文件中。本次電話會議亦將提及若干非 GAAP 財務衡量指標。將這些指標與最直接可比的 GAAP 指標進行調節（reconciliation）的資訊，可在我們網站上的財報新聞稿中取得。最後，本次會議將被錄音，會後我們網站將提供重播與逐字稿。

With that, I'll turn the call over to Tyler.

接下來，我把電話交給 Tyler。

Thank you, James, and good morning, everyone. We delivered strong operational execution in the first quarter, 18% production growth year-over-year to 34,500 barrels of oil equivalent per day and adjusted EBITDAX of $71 million and are positioned well for continued growth in the back half of 2026, with a trajectory to free cash flow in 2027. Two items in the quarter require additional discussion, lease operating expense and continued Waha weakness, which I will address both before turning to what is, in my view, the more important story. The opportunity set in front of us has improved materially since we set guidance in March, and we are positioning the platform to capture it. Starting with the financials.

謝謝你，James，各位早安。我們在第一季展現強勁的營運執行力，產量年增 18% 至每日 34,500 桶油當量（BOE），調整後 EBITDAX 為 7,100 萬美元；我們也已為 2026 年下半年持續成長做好良好布局，並朝 2027 年實現自由現金流的軌跡前進。本季有兩項需要進一步說明：租賃營運費用（LOE）以及 Waha 價格持續疲弱；在我轉入我認為更重要的主題之前，我會先說明這兩點。自我們在 3 月提出指引以來，眼前的機會組合已顯著改善，我們正調整平台以把握機會。先從財務面談起。

Oil and natural gas sales totaled $128.3 million, a $5.3 million increase over the first quarter of 2025. Oil revenues drove the improvement with an 11% production increase and essentially flat realized pricing of $69.94 per barrel. Natural gas revenues declined by $6.3 million year-over-year, driven by a 36% decline in realized gas prices to $2.55 per Mcf, reflecting the ongoing impact of negative Waha pricing in the Permian. We've addressed this through an active basis hedging program. From February through April, we layered in Waha basis swaps across the fourth quarter of 2026 through the first quarter of 2028 at a weighted average basis of approximately negative $1.50 covering roughly 45% of total Permian gas in the fourth quarter and stepping into 2027 with coverage rising to nearly 70% on a PDP basis when our conduit volumes are included.

石油與天然氣銷售合計 1.283 億美元，較 2025 年第一季增加 530 萬美元。改善主要由石油收入帶動，因產量增加 11%，且實現價格基本持平，為每桶 69.94 美元。天然氣收入年減 630 萬美元，主因實現氣價下滑 36% 至每 Mcf 2.55 美元，反映二疊紀盆地（Permian）Waha 負價差持續影響。我們已透過積極的基差避險計畫加以因應。2 月至 4 月期間，我們針對 2026 年第四季至 2028 年第一季分批建立 Waha 基差交換（basis swaps），加權平均基差約為負 1.50 美元，涵蓋 2026 年第四季約 45% 的二疊紀總天然氣量；進入 2027 年後，若將我們的管道（conduit）運量納入，以 PDP（已開發已生產）基礎計算，覆蓋率將提高至接近 70%。

Turning to lease operating expense. LOE came in at $9.57 per BOE, above our prior guide and was largely the result of a combination of increased early life flowback expense from an elevated level of wells turned to sales in Q4 2025, saltwater disposal costs and a onetime charge tied to an asset impairment. A smaller structural piece comes from the DJ at Bakken, where production is naturally declining and fixed costs were spread over fewer barrels. We view the quarter as a near-term outlier rather than a change in our cost trajectory. As 2026 volumes come online, per unit LOE should trend lower and Kyle will walk through our updated full year range.

接著談租賃營運費用（LOE）。LOE 為每 BOE 9.57 美元，高於我們先前指引，主要是多項因素疊加所致：2025 年第四季投產（turned to sales）的井數偏高，導致早期回流（flowback）費用增加；鹽水處置成本；以及與資產減損相關的一次性費用。另有較小的結構性因素來自 DJ 與 Bakken，因產量自然遞減，固定成本分攤到較少的桶數上。我們認為本季屬短期異常，而非成本趨勢的改變。隨著 2026 年產量逐步上線，單位 LOE 應會走低，Kyle 也將說明我們更新後的全年區間。

Let me now turn to the important part of the story. As capital allocators invest through cycles, our full cycle 25% underwriting threshold is always anchored to the elongated strip. Spot prices have increased dramatically and the forward curve has come up meaningfully as well, which has bolstered economics on near-term development opportunities. On the non-op side of the portfolio, we have seen some acceleration in AFEs, particularly in the Utica, adding to an already attractive set of opportunities in that basin. Additionally, on the operator partnership side, we are actively evaluating additions to the 2026 capital program that will reflect our ability to access high-quality inventory that would otherwise be inaccessible to companies of our size.

現在我轉到更重要的主題。作為跨循環投資的資本配置者，我們全週期 25% 的承作門檻始終以較長期的期貨曲線（elongated strip）為錨。現貨價格大幅上升，遠期曲線也明顯上移，強化了近期開發機會的經濟性。在投資組合的非營運（non-op）端，我們看到 AFE（授權支出）有所加速，尤其是在 Utica，為該盆地原本就具吸引力的機會集合再添動能。此外，在營運商合作夥伴（operator partnership）端，我們正積極評估將新增項目納入 2026 年資本計畫，反映我們有能力取得高品質庫存（inventory），而這些資產若以我們的公司規模，原本可能難以觸及。

The most significant of these is a Permian Basin opportunity with a major operator who is seeking to grow near-term production, but is budget constrained. This operator needed someone who can quickly secure a rig, build the Bone Springs targets, complete the wells and bring them online before year-end. Our Admiral Permian team is the right fit for this project. At a 55% IRR and 2.4 [MOI] at strip, this is another opportunity that demonstrates the structural advantages of the operator partnership model, where relationships and local connections are not easily replicated and where a proven, reliable operator like Admiral and secure highly attractive projects in the heart of the Delaware Basin. On capital, we invested $68.4 million during the first quarter, $58.3 million of development capital and $10.1 million in acquisitions, closing 17 transactions in the Delaware and Utica basins that added 3 net undeveloped locations to our inventory.

其中最重要的是與一家大型營運商在二疊紀盆地（Permian Basin）的機會。該營運商希望在短期內提升產量，但受預算限制。對方需要能迅速取得鑽機、鑽鑿 Bone Springs 目標層、完井並在年底前投產的合作方。我們 Admiral Permian 團隊非常適合此專案。以期貨曲線（strip）計算，該專案 IRR 為 55%，MOI 為 2.4，這再次展現營運商合作模式的結構性優勢：關係與在地連結不易複製；而像 Admiral 這樣經驗證、可靠的營運商，能在德拉瓦盆地（Delaware Basin）核心地帶取得並鎖定極具吸引力的專案。在資本方面，我們第一季投資 6,840 萬美元，其中 5,830 萬美元為開發資本，1,010 萬美元為併購資本；我們在 Delaware 與 Utica 盆地完成 17 筆交易，為庫存新增 3 個淨未開發井位（net undeveloped locations）。

Total capital was below the pace implied by our full year guidance, reflecting the timing of projects. And as a result, first half development capital is weighted towards the second quarter, likely exceeding $100 million with another $40 million slated for acquisitions. On guidance, we are making two changes today. We are raising the full year LOE guidance range to $7.75 to $8.75 per BOE and we are increasing acquisition capital by $25 million at the midpoint, reflecting transactions we have completed and deals we have clear line of sight to close. Importantly, the majority of these acquisitions were agreed to before the significant shift in oil prices.

總資本支出低於全年指引所隱含的節奏，主要反映專案時點安排。因此，上半年開發資本將偏重於第二季，可能超過 1 億美元，另預計約 4,000 萬美元用於併購。關於指引，我們今天做兩項調整：我們將全年 LOE 指引區間上調至每 BOE 7.75 至 8.75 美元；並將併購資本的中位數上調 2,500 萬美元，反映我們已完成的交易以及我們有明確能見度可完成交割的案件。重要的是，這些併購多數是在油價顯著變動之前就已達成協議。

A reflection of our deal flow and underwriting process rather than a response to the current price environment and they look even more attractive today. Development capital guidance is unchanged at $300 million to $330 million, resulting in total capital guidance of $345 million to $385 million. Production guidance remains 34,000 to 36,000 BOE per day, and we believe we are on track to meet or exceed the midpoint. The capital we are deploying in 2026 including the incremental opportunities in front of us is building the production base that will drive the 2027 inflection. This is the last year we expect to outspend operating cash flow, and we have clear line of sight to that destination in a framework that delivers durable growth, a double-digit free cash flow yield and a sustainable dividend.

這反映的是我們的案源（deal flow）與承作（underwriting）流程，而非對當前價格環境的回應；而以今天的價格來看，這些交易更具吸引力。開發資本指引維持不變，為 3.00 億至 3.30 億美元，使總資本指引為 3.45 億至 3.85 億美元。產量指引維持每日 34,000 至 36,000 BOE，我們認為有望達到或超越中位數。我們在 2026 年部署的資本（包含眼前新增機會）正在打造產量基礎，將推動 2027 年的轉折點。這將是我們預期資本支出超過營運現金流的最後一年；在可帶來持續成長、兩位數自由現金流殖利率以及可持續股利的框架下，我們對達成該目標有清晰的能見度。

I'll now turn the call over to Kyle for a deeper look into the quarter's results.

接下來我把電話交給 Kyle，更深入說明本季業績。

Thank you, Tyler, and good morning, everyone. Tyler covered the strategic picture and operational context. So I'll focus on the financial details of the first quarter, our balance sheet and capital position. For the first quarter, oil and natural gas sales totaled $128.3 million, a $5.3 million increase over the prior year period. Oil revenues were $103.4 million, up from $91.8 million in Q1 2025, driven by an 11% increase in oil production to 16,433 barrels per day at an average realized price of $69.94 per barrel compared to $69.18 per barrel in Q1 in 2025.

謝謝你，Tyler，各位早安。Tyler 已說明策略面與營運背景，因此我將聚焦第一季的財務細節、資產負債表以及資本狀況。第一季石油與天然氣銷售合計 1.283 億美元，較去年同期增加 530 萬美元。石油收入為 1.034 億美元，高於 2025 年第一季的 9,180 萬美元，主因石油產量增加 11% 至每日 16,433 桶，平均實現價格為每桶 69.94 美元，而 2025 年第一季為每桶 69.18 美元。

Natural gas revenues were $24.8 million, down from $31.1 million in the prior period, reflecting a 36% decline in realized prices to $2.55 per Mcf partially offset by a 24% increase in production. The gas price deterioration, specifically the ongoing impact of negative Waha basis differentials in the Permian was a primary headwind on revenue and cash flow for this quarter. On an equivalent basis, our average realized price was $41.35 per BOE, excluding settled hedge commodity derivatives compared to $46.71 per BOE in Q1 2025. Including scheduled derivatives, realizations were $37.53 per BOE for the quarter. Adjusted EBITDAX for the quarter was $71 million, and net cash provided by operating activities was $58.3 million.

天然氣收入為 2,480 萬美元，低於去年同期的 3,110 萬美元，反映實現價格下滑 36% 至每 Mcf 2.55 美元，部分被產量增加 24% 所抵銷。氣價走弱，特別是二疊紀盆地（Permian）Waha 基差價差持續為負的影響，是本季收入與現金流的主要逆風。以油當量計，我們的平均實現價格為每 BOE 41.35 美元（不含已結算的避險商品衍生品），相較 2025 年第一季每 BOE 46.71 美元。若包含排程中的衍生品，本季實現價格為每 BOE 37.53 美元。本季調整後 EBITDAX 為 7,100 萬美元，營運活動提供的淨現金為 5,830 萬美元。

On a GAAP basis, we recorded a net loss of $47 million or $0.36 per diluted share. The net loss is almost entirely attributed to a $72 million loss on derivatives during the quarter, of which $60.2 million was an unrealized mark-to-market loss driven by an increase in oil prices during the period. Adjusted net income for the quarter was $3.1 million or $0.02 per adjusted diluted share. I want to spend a moment on lease operating expenses. As Tyler indicated, this warrants additional context.

按 GAAP 基礎計算，我們錄得淨虧損 4,700 萬美元，或每股稀釋後虧損 0.36 美元。該淨虧損幾乎完全歸因於本季衍生性金融工具損失 7,200 萬美元，其中 6,020 萬美元為未實現的按市價計量損失，主要由於期間油價上升所致。本季調整後淨利為 310 萬美元，或每股調整後稀釋後盈餘 0.02 美元。我想花一點時間談談租賃營運費用（LOE）。正如 Tyler 所指出的，這需要補充更多背景。

LOE was $29.7 million in the quarter or $9.57 per BOE compared to $16 million or $6.17 per BOE in Q1 2025. That's a 55% increase on a per unit basis. The increase reflects first, higher saltwater disposal costs in the Permian Basin, which are largely due to higher water cuts and flowback operations. Second, higher miscellaneous supplies and contract labor, particularly in newer Admiral operating areas that have been online for 6 to 12 months and are still in the higher cost phase of operation, partly due to compression rental. And third, we wrote off minimum volume commitment obligations totaling $2.2 million in the quarter that was associated with our asset impairment charge.

本季 LOE 為 2,970 萬美元，或每 BOE 9.57 美元，相較於 2025 年第一季的 1,600 萬美元，或每 BOE 6.17 美元。以單位計算增加了 55%。此增幅首先反映二疊紀盆地（Permian Basin）鹽水處置成本上升，主要由於含水率提高以及返排（flowback）作業所致。其次，雜項物資與外包勞務成本上升，特別是在較新的 Admiral 營運區域，這些區域上線約 6 至 12 個月，仍處於營運成本較高的階段，部分原因與壓縮設備租賃有關。第三，我們於本季沖銷與資產減損費用相關的最低量承諾（minimum volume commitment）義務，合計 220 萬美元。

And fourth, the DJ and Bakken where we have no new development, continue to see fixed costs spread over declining production, creating upward pressure on per unit LOE. We believe this number will improve as new wells that come online throughout 2026 add to production volumes and dilute these fixed cost elements. But as Tyler mentioned, we're increasing our full year LOE guidance to $7.75 to $8.75 per BOE. Production ad valorem taxes were $8.2 million for the quarter or 6.4% of oil and natural gas sales, which is in line with our guidance of 6% to 7% of revenue. Total G&A was $9.1 million for the quarter, inclusive of $1.4 million of noncash stock compensation.

第四，在 DJ 與 Bakken 地區，由於我們沒有新的開發，固定成本持續分攤在下滑的產量上，對單位 LOE 形成上行壓力。我們相信，隨著 2026 年全年陸續投產的新井增加產量並稀釋這些固定成本要素，該數字將有所改善。但如 Tyler 所提到的，我們正將全年 LOE 指引上調至每 BOE 7.75 至 8.75 美元。本季產量從價稅（ad valorem taxes）為 820 萬美元，約占油氣銷售額的 6.4%，符合我們收入 6% 至 7% 的指引。 本季總 G&A 為 910 萬美元，其中包含 140 萬美元的非現金股票薪酬。

Cash G&A was $7.7 million reflecting an increase from prior year, primarily driven by an amendment to our management services agreement. On a per unit basis, G&A was $2.93 per BOE, modestly higher than $2.84 per BOE in 1Q 2025, reflecting an increase in stock compensation. Turning to capital. We invested $68.4 million during the quarter, comprised of $58.3 million of development capital and $10.1 million of property acquisition costs. We closed 17 acquisitions in the Delaware and Utica basins, adding three net undeveloped locations to our inventory.

現金 G&A 為 770 萬美元，較去年增加，主要由於我們修訂了管理服務協議。以單位計算，G&A 為每 BOE 2.93 美元，較 2025 年第一季每 BOE 2.84 美元略高，反映股票薪酬增加。接著談資本支出。本季我們投資 6,840 萬美元，其中包括 5,830 萬美元的開發資本與 1,010 萬美元的物業收購成本。我們在 Delaware 與 Utica 盆地完成 17 筆收購，為我們的庫存新增 3 個淨未開發井位。

Development capital is below the run rate implied by our full year guidance range, primarily driven by project timing rather than any reduction in planned activity. We placed 1.4 net wells online during the quarter. As Tyler mentioned, we are actively evaluating additional development opportunities that could increase our development capital spending in the back half of the year. We may raise our D&C guidance range when we report Q2 results in August when we have better visibility into the timing and certainty of those incremental projects. Today, we're revising our acquisition capital guidance upward by $25 million at the midpoint to reflect transactions completed in near-term line of sight deals, resulting in total capital guidance of $345 million to $385 million.

開發資本低於我們全年指引區間所隱含的運行水準，主要是由於專案時程安排，而非任何計畫活動的縮減。本季我們有 1.4 口淨井投產。如 Tyler 所提到，我們正積極評估額外的開發機會，這些機會可能會在下半年提高我們的開發資本支出。當我們在 8 月公布第二季結果、對這些增量專案的時程與確定性有更清晰能見度時，可能會上調我們的鑽完井（D&C）指引區間。今天，我們將收購資本指引的中點上調 2,500 萬美元，以反映已完成的交易以及近期可見的交易，從而使總資本指引為 3.45 億至 3.85 億美元。

On the balance sheet, as of March 31, we had $400 million of long-term total debt outstanding, comprising of our 2029 senior notes and drawn amounts on our credit facility. We also had a current portion of $26.3 million and cash on hand of $30.1 million. Total debt to trailing 12 months adjusted EBITDAX was 1.3 times at quarter end. Subsequent to quarter end, we reaffirmed our borrowing base in aggregate elected commitments to $375 million. As of March 31, 2026, our total liquidity was $314.8 million, consisting of $248.7 million of committed borrowing base availability and $30.1 million of cash.

在資產負債表方面，截至 3 月 31 日，我們未償還的長期總債務為 4 億美元，由 2029 年期優先票據以及我們信貸融資項下的已動用金額構成。我們亦有 2,630 萬美元的流動部分，以及 3,010 萬美元的手頭現金。季度末，總債務對過去 12 個月調整後 EBITDAX 的倍數為 1.3 倍。季度結束後，我們重申借款基礎（borrowing base）與合計選擇承諾額為 3.75 億美元。截至 2026 年 3 月 31 日，我們的總流動性為 3.148 億美元，由 2.487 億美元的已承諾借款基礎可用額度及 3,010 萬美元現金構成。

We believe this improved liquidity position provides ample flexibility to pursue our capital program and the incremental opportunities in front of us. On hedging, during the first quarter, we recorded a $72 million loss on derivatives, of which $11.8 million was realized and $60.2 million was unrealized. The unrealized portion reflects the mark-to-market impact of rising oil prices on our hedge book during the period. We view our hedge program as a risk management tool, consistent with our balanced capital allocation framework. Please see the derivatives table in our press release for our current hedge position which extends through 2028.

我們認為，這一改善後的流動性狀況為我們推進資本計畫以及把握眼前的增量機會提供了充足的彈性。關於避險，在第一季我們錄得衍生性金融工具損失 7,200 萬美元，其中 1,180 萬美元為已實現損失，6,020 萬美元為未實現損失。未實現部分反映期間油價上升對我們避險組合按市價計量的影響。我們將避險計畫視為風險管理工具，與我們平衡的資本配置框架一致。請參閱我們新聞稿中的衍生性金融工具表，以了解我們目前延伸至 2028 年的避險部位。

To summarize, production growth is strong. The balance sheet and liquidity are in good shape. We're maintaining our full year guidance with targeted revisions to acquisition guidance and LOE guidance. LOE is the near-term challenge, and we are focused on improving it. The 2027 free cash flow inflection story remains intact.

總結來說，產量成長強勁。資產負債表與流動性狀況良好。我們維持全年指引，並針對收購指引與 LOE 指引進行有針對性的修訂。LOE 是短期挑戰，我們正專注於改善。2027 年自由現金流拐點的故事仍然成立。

With that I'll turn it over back to you, Tyler.

接下來我把時間交還給你，Tyler。

Thanks, Kyle. Let me close with a few high-level points. First and most important, this is the year we transition out of outspend, and we are looking ahead to 2027 committed to a capital allocation framework that achieves high single-digit production growth, more than 10% free cash flow yield and approximately 1.25 times dividend coverage. This is the framework the business has been built to deliver. Second, our 18% year-over-year production growth in the first quarter further demonstrates that our deployed capital has translated into meaningful scale, one that supports our 2027 free cash flow inflection.

謝謝，Kyle。我用幾點高層次重點作結。第一，也是最重要的，今年是我們從超支（outspend）轉型退出的一年；我們展望 2027 年，致力於一套資本配置框架，以實現高個位數的產量成長、超過 10% 的自由現金流殖利率，以及約 1.25 倍的股利覆蓋倍數。這就是本業務所打造、應能交付的框架。第二，我們第一季 18% 的年增產量成長，進一步證明我們已投入的資本已轉化為具意義的規模，並支撐我們 2027 年自由現金流的拐點。

Third, two items weighed on the quarter, LOE and Waha pricing. We believe per unit LOE will moderate as the Q4 completions mature and 2026 volume scale and our Waha basis hedges from the fourth quarter of 2026 through the first quarter of 2028, will add protection against the weakness we saw this quarter. Neither item disturbs our trajectory towards 2027 free cash flow. Fourth, the opportunity set in front of us is better than expected. The operator partnership model is delivering proprietary deal flow that validates the underwriting assumptions we made when we entered into these partnerships.

第三，本季有兩項因素造成壓力：LOE 與 Waha 價格。我們相信，隨著第四季完井（completions）逐步成熟、2026 年產量規模擴大，以及我們自 2026 年第四季至 2028 年第一季的 Waha 基差避險，將為本季所見的疲弱提供更多保護。這兩項因素都不會改變我們邁向 2027 年自由現金流的軌跡。第四，我們眼前的機會集合優於預期。營運商合作夥伴模式正在帶來專有的交易來源（proprietary deal flow），並驗證我們在建立這些合作關係時所做的承銷假設。

Admiral's deep local relationships with large independents and majors, active in the Delaware Basin are creating high return development opportunities that are a direct result of the structural advantages we have built as a partner of choice. We underwrote all of these projects at strip pricing at the time of underwriting, and at more than 25% full cycle IRR. Higher prices make them even more attractive. Finally, the dividend remains a core component of our shareholder return framework. As we approach free cash flow generation, we expect to have increasing optionality around capital allocation and returns to shareholders.

Admiral 與在 Delaware 盆地活躍的大型獨立公司與大型油氣公司（majors）之間深厚的在地關係，正在創造高報酬的開發機會，而這些機會直接源自我們作為首選合作夥伴所建立的結構性優勢。我們在承銷時，均以當時的期貨曲線價格（strip pricing）為基礎，並以超過 25% 的全週期 IRR 進行評估。更高的價格使其更具吸引力。最後，股利仍是我們股東回報框架的核心組成。隨著我們接近自由現金流的產生，我們預期在資本配置與回饋股東方面將擁有更高的選擇性。

We appreciate the continued support of our shareholders, partners and employees, and we look forward to continuing this dialogue at our upcoming investor meetings and in August when we report second quarter results.

我們感謝股東、合作夥伴與員工持續的支持，並期待在即將舉行的投資人會議，以及 8 月公布第二季結果時，持續進行這些對話。

Operator, we're ready to take questions.

接線員，我們準備開始回答問題。

(Operator Instructions) Michael Scialla, Stephens.

（接線員指示）Michael Scialla，Stephens。

Just wanted to ask about your plans to increase the acquisition CapEx. Is that all for the opportunity that Tyler, you described with Admiral in the large operator in the Delaware? Or is there some incremental spending beyond that? I want to just get more detail there.

我想問一下你們提高收購資本支出（CapEx）的計畫。這是否全部都是為了 Tyler 你所描述的、Admiral 與 Delaware 盆地大型營運商的那個機會？還是除此之外還有一些增量支出？我想了解更多細節。

Yes. Thanks for the question. Yes, there's actually incremental spending beyond that. That's really what I described was really additional D&C capital that we're evaluating right now really on the acquisition front, that's spread across a bunch of transactions that we expect to close in the second quarter. Most of these transactions we agreed to before the increase in commodity prices.

是的，謝謝你的問題。是的，實際上除此之外還有增量支出。我剛才描述的其實更多是我們目前正在評估的額外鑽完井（D&C）資本；而在收購方面，這些增量支出分散在多筆交易上，我們預期會在第二季完成交割。這些交易大多是在大宗商品價格上漲之前就已達成協議。

So returns on these things are great. We underwrite everything to a [25], but with the improvement in commodity prices, these look a lot better. So it's probably spread across half a dozen to a dozen transactions. It's mainly Permian based. There's actually quite a bit of activity from our newest partner that we signed up in October of last year.

因此，這些項目的報酬率非常好。我們對所有項目都以 [25] 進行承銷，但隨著大宗商品價格改善，這些看起來更好。大概分散在半打到一打左右的交易中，主要以二疊紀（Permian）為主。我們去年 10 月簽下的最新合作夥伴也帶來了相當多的活動。

They have a number of transactions that are scheduled to close during the quarter. Admiral has a few. And then the balance of the transaction is probably maybe 15% or so of the transactions are additional leasing in the Utica Shale in Ohio, where we continue to see pretty good success up there. And then one last -- just -- yes. Remember, we guide to -- on the acquisition front, we guide to everything that we've closed plus transactions that are in process of closing that we believe have a better than 50% chance of closing.

他們有多筆交易預計在本季內完成交割。Admiral 有幾筆。然後其餘的交易中，可能大約 15% 左右是位於俄亥俄州 Utica 頁岩的額外租賃，我們在那邊持續看到相當不錯的成果。最後再補充一點——是的。請記得，我們在收購（acquisition）方面的指引，是以我們已完成交割的項目，加上正在交割流程中、且我們認為完成交割機率高於 50% 的交易為準。

So that doesn't include any additional A&D that we may do in the back half of the year. So the $25 million increase in the acquisition CapEx is for transactions that we believe will close in the second quarter.

因此，這不包含我們可能在下半年進行的任何額外 A&D（收購與處分）。所以，收購資本支出（acquisition CapEx）增加的 2,500 萬美元，是針對我們認為將在第二季完成交割的交易。

Okay. I just wanted to clarify on -- so you said the opportunity with Admiral, you've got the acreage in hand already. Kyle mentioned that you could have some upward pressure on your D&C CapEx. So is that where that would come from if that opportunity come to fruition or is that already built into the --

了解。我只是想釐清一下——你提到與 Admiral 的機會，你們已經把該區塊的土地（acreage）握在手上。Kyle 提到你們的鑽完井資本支出（D&C CapEx）可能會有一些上行壓力。所以如果那個機會成真，這個上行壓力會是從那裡來的，還是已經反映在——

Yes. No, but that's exactly right. That's where it would come from. So we have a couple of opportunities that look like this with Admiral that we're evaluating now that I think will be back half of the year CapEx spend. It's something that we're working through finalizing right now.

是的。沒有錯，正是如此。那就是它會來自的地方。我們目前正在評估幾個與 Admiral 類似型態的機會，我認為會是今年下半年的 CapEx 支出。我們現在正在把細節定案中。

So to the extent that, that comes to fruition, we'll have -- obviously have an update for you in August when we have second quarter earnings on that.

所以如果這些確實落地，我們——當然——會在 8 月公布第二季財報時，就這部分向你更新。

Got it. Okay. And then I wanted to ask on your plans for the free cash flow inflection next year. When I look at your Slide 14, you lay out a plan there that shows CapEx going down relative to 2026. I guess I'm wondering how you managed to do that while you're ramping up these partnerships?

明白。好的。接著我想問你們明年自由現金流（free cash flow）拐點的規劃。當我看你們的第 14 張投影片時，你們提出一個計畫，顯示 CapEx 相較於 2026 會下降。我想知道，在你們加速推進這些合作夥伴關係的同時，是如何做到 CapEx 下降的？

And if I heard you right, too, Tyler, you said you would still anticipate double-digit growth next year. Is that right?

另外，如果我沒聽錯的話，Tyler，你也說你仍預期明年會有雙位數成長。是這樣嗎？

Yes. So high single digit, low double-digit production growth is where we see the business moving to starting in 2027. One thing that's helping us in '27 is on the Admiral front where a bulk of the startup CapEx has been invested. So if you actually look at our J-curve, on our Admiral operator partnership, we've troughed on that. So the Admiral team, if you just look at that investment, that operator partnership is actually self-sustaining pretty much starting back half of this year moving forward.

是的。我們認為自 2027 年開始，業務將走向高個位數到低雙位數的產量成長（production growth）。有一件事在 2027 年對我們很有幫助：在 Admiral 這邊，大部分的啟動期 CapEx 已經投入完成。所以如果你看我們的 J 曲線（J-curve），在 Admiral 的營運商合作夥伴關係上，我們已經走過谷底。也就是說，Admiral 團隊——如果只看那筆投資——這個營運商合作夥伴關係基本上從今年下半年開始往後就能自給自足（self-sustaining）。

So that helps us tremendously in 2027 with our free cash flow inflection. So we have the capacity to then also ramp up some of the other teams that we've signed up in the past year.

因此，這在 2027 年對我們自由現金流拐點幫助非常大。如此一來，我們也就有能力去加速推進過去一年簽下的其他團隊。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

I wanted to start first on the Permian opportunity you referenced with Admiral. Could you further elaborate on the scale and potential duration of these opportunities?

我想先從你提到的與 Admiral 相關的二疊紀（Permian）機會開始。你能否進一步說明這些機會的規模以及可能的持續期間？

Yes, you bet. So this is something that we see more -- it's not all the time, but we see, and in the past handful of years, have seen this more and more where a lot of the large independents and large majors in the Permian Basin are seeking to find more partners to basically expand the capability of their capital budgets. So they're hesitant to increase their capital budgets is the observation that we've seen over the past handful of years. And so because of that, they still want to show some form of production growth or more efficient capital spending. They look to teams like the Admiral team who has the capability to come in farm out some of their acreage from them in exchange for a carry.

好的，當然可以。這是我們看到的一種情況——不是一直都有，但我們在過去幾年越來越常看到：二疊紀盆地（Permian Basin）許多大型獨立油氣公司與大型國際油公司（majors）正在尋找更多合作夥伴，基本上是為了擴大其資本預算的承載能力。根據我們過去幾年的觀察，他們對提高資本預算（capital budgets）相對猶豫。因此，在這種情況下，他們仍希望展現某種形式的產量成長，或更有效率的資本支出。他們會尋找像 Admiral 團隊這樣的團隊，具備能力以「farm out」的方式承接他們部分的土地（acreage），並以「carry」作為交換條件。

So it's neutral to their -- to the large independents capital budget and capital spend, but it provides them with some incremental production to help with efficiency, et cetera. So this is something that the Admiral team has been very successful on transacting on over the past handful of years. We've seen a little bit of acceleration here on this particular style of transaction since the beginning of the Hormuz conflict just given that it still looks like a majority of the operators are not ready to increase capital spend yet, but would like to capitalize on some of the higher prices. So we've seen some recent inbounds on this. This is an example of one that we talked about earlier on the call.

這對大型獨立油氣公司的資本預算與資本支出而言是中性的，但能為他們帶來一些增量產量，以提升效率等。因此，Admiral 團隊在過去幾年在這類交易上非常成功。自荷姆茲（Hormuz）衝突爆發以來，這種交易型態似乎有些加速，原因是多數營運商看起來仍未準備好提高資本支出，但又希望把握較高的價格。我們近期也收到一些主動洽詢（inbounds）。這就是我們稍早在電話會議中提到的其中一個例子。

I would expect that we'd probably see some more of these.

我預期我們可能還會看到更多這類交易。

And Tyler, just in terms of scale, I mean, should we think about this as $25 million, $50 million, $100 million, just order of magnitude, what -- how would you characterize it?

Tyler，就規模而言，我們應該把它想成 2,500 萬美元、5,000 萬美元、1 億美元，這種量級嗎？你會怎麼描述它的量級——

It's going to be -- it depends on what it is. On this particular one, I would think that it would be on the smaller end of that kind of range that you mentioned just a second ago.

會是——取決於具體內容。就這一筆而言，我認為會落在你剛剛提到那個區間的較小端。

Great. And then just thinking beyond Admiral, are there other operational levers you could pull to accelerate oil production in the current environment?

很好。接著，若不只看 Admiral，在目前的環境下，你們還有其他營運層面的槓桿可以拉動，以加速原油產量（oil production）嗎？

Yes, absolutely. So we have other operator partners that do have inventory. We do have some development schedule with them this year. I mentioned a moment ago that 2Q, we expect one of our newest partners to close on a number of transactions. Those are drill-ready transactions to the extent those get closed up in the second quarter.

是的，絕對有。我們還有其他營運商合作夥伴也有庫存（inventory）。我們今年也與他們有一些開發排程。我剛剛提到，第二季我們預期最新的合作夥伴之一會完成多筆交易交割。那些是「可立即鑽井」（drill-ready）的交易，只要它們在第二季完成交割。

Those are drill-ready transactions that if we chose to, we could slot them in later in 2026. So there's definitely opportunity within the operated portfolio. On the non-op portfolio, we've actually seen an increase in the Utica Shale in Ohio. We've seen a number of operators with -- or a number of AFEs come in with -- from operators where we had those scheduled for '28, '29 turned to sales, those have accelerated now into this year. In the Permian, in our non-op portfolio, we haven't seen a material change to what our historical average is on that front on the AFEs.

那些都是可立即鑽井的交易，如果我們選擇這麼做，可以把它們排進 2026 年稍晚的時程。因此，在自營（operated）投資組合中確實有機會。在非自營（non-op）投資組合方面，我們其實看到俄亥俄州 Utica 頁岩的活動增加。我們看到多家營運商送來多份 AFE（授權支出），原本排在 2028、2029 年才會轉為銷售（turned to sales）的項目，現在已加速到今年。在二疊紀的非自營投資組合中，就 AFE 而言，我們尚未看到相較於歷史平均有重大變化。

I guess if we continue to see high prices, elevated prices, I would expect at some point for us to see an increase in AFEs off the traditional non-op in the Permian as well.

我想如果我們持續看到高油價、價格維持在高檔，我預期在某個時間點，我們也會看到二疊紀傳統非自營（non-op）的 AFE 增加。

And Tyler, just to clarify on the other operating partners. Safe to assume that the higher prices we're seeing right now are not negatively impacting their ability to source opportunities? I imagine quite a few opportunities in the market.

Tyler，再釐清一下其他營運商合作夥伴的部分。可以合理假設目前看到的較高價格，並沒有負面影響他們尋找機會的能力嗎？我想市場上應該有不少機會。

Yes. No, it's not impacting them because, again, we're underwriting near-term development drilling mainly. And when I say near term, I mean turning online in the next kind of 18 months-ish. So if you look at the forward strip, most of all of this volatility, nearly all of this volatility that we've seen is contained within 2026. So if you look out to 2027, which is where most of the stuff that we're underwriting would be turning on to sales.

是的。沒有，這沒有影響他們，因為再說一次，我們主要是在承作（underwriting）短期開發鑽井。當我說短期，是指大約在未來 18 個月左右上線投產（turning online）。所以如果你看遠期曲線（forward strip），我們看到的這些波動幾乎都集中在 2026 年。若看向 2027 年——也就是我們承作的大多數項目會開始轉為銷售（turn on to sales）的時間點——

You have a script that looks not a whole lot different than where we were before the Hormuz conflict. So no, we haven't seen in the style of transactions that we're underwriting. We haven't seen a slowdown in that type of activity.

你會看到的價格曲線（strip）與荷姆茲衝突之前相比並沒有太大不同。所以沒有，在我們正在承作的這類交易型態上，我們沒有看到這類活動放緩。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。